ShopKo Extends Tender Offer for $100MM 9-1/4% Senior Notes Due 2022
16 September 2005 - 8:23AM
PR Newswire (US)
GREEN BAY, Wis., Sept. 15 /PRNewswire-FirstCall/ -- ShopKo Stores,
Inc. (NYSE:SKO) announced today that it has extended its offer to
purchase (the "Offer") any and all of its outstanding $100 million
principal amount of 9-1/4% Senior Notes due 2022 (the "Notes") in
connection with the previously announced definitive merger
agreement, as amended, that provides for the acquisition of ShopKo
by Badger Retail Holding, Inc. and Badger Acquisition Corp., which
are affiliates of Minneapolis-based private equity firm Goldner
Hawn Johnson & Morrison Incorporated (the "Merger"). The Offer,
scheduled to expire on Thursday, September 15, 2005 at 9:30 a.m.,
New York City time, will now expire at 5:00 p.m., New York City
time, on Thursday, September 29, 2005, unless further extended or
earlier terminated by ShopKo. All other terms, provisions and
conditions of the Offer will remain in full force and effect. The
terms of the Offer and Solicitation are described in the Offer to
Purchase and Consent Solicitation Statement dated June 30, 2005, as
amended by a Supplement dated August 10, 2005. ShopKo announced on
August 15, 2005 that it had received the requisite consents to
amend the indenture governing the Notes. ShopKo executed the
supplemental indenture on August 16, 2005, eliminating
substantially all of the restrictive covenants and certain events
of default in the indenture governing the Notes. Copies of the
Offer to Purchase and Consent Solicitation Statement may be
obtained from Global Bondholder Services Corporation, the
information agent for the Offer, at (866) 736-2200 (US toll free)
or (212) 430-3774 (collect). ShopKo said it has been informed by
the information agent that, as of 9:30 a.m., New York City time, on
September 15, 2005, approximately $93.7 million in aggregate
principal amount of Notes had been tendered in the Offer. This
amount represents approximately 93.7% of the outstanding principal
amount of the Notes. Banc of America Securities LLC and Morgan
Stanley & Co. Incorporated are acting as the dealer managers
for the Offer. Questions regarding the Offer may be directed to
Banc of America Securities LLC, the lead dealer manager, at (212)
847-5834 or (888) 292-0070. THIS ANNOUNCEMENT IS NOT AN OFFER TO
PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR SELL OR A
SOLICITATION OF CONSENTS WITH RESPECT TO ANY SECURITIES. THE OFFER
AND CONSENT SOLICITATION ARE BEING MADE SOLELY BY THE OFFER TO
PURCHASE AND CONSENT SOLICITATION STATEMENT DATED JUNE 30, 2005, AS
AMENDED. ShopKo Stores, Inc. is a retailer of quality goods and
services headquartered in Green Bay, Wis., with stores located
throughout the Midwest, Mountain and Pacific Northwest regions.
Retail formats include 140 ShopKo stores, providing quality
name-brand merchandise, great values, pharmacy and optical services
in mid-sized to larger cities; 223 Pamida stores, 116 of which
contain pharmacies, bringing value and convenience close to home in
small, rural communities; and three ShopKo Express Rx stores, a new
and convenient neighborhood drugstore concept. With more than $3.0
billion in annual sales, ShopKo Stores, Inc. is listed on the New
York Stock Exchange under the symbol SKO. For more information
about ShopKo, Pamida or ShopKo Express Rx, visit our Web site at
http://www.shopko.com/. This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including
statements regarding expected sales and other financial results.
Such statements are subject to important factors that could cause
ShopKo's actual results to differ materially from those anticipated
by the forward-looking statements including those referenced in
ShopKo's current annual report on Form 10-K or as may be described
from time to time in ShopKo's subsequent SEC filings, and such
factors are incorporated by reference. DATASOURCE: ShopKo Stores,
Inc. CONTACT: Banc of America Securities LLC, toll free,
+1-888-292-0700, or collect, +1-212-847-5834 Web site:
http://www.shopko.com/
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